DEFINITIONS
OPERATING PROFIT
Operating profit comprises results of operations, centrally accounted and consolidation items.
HEADLINE EARNINGS
Headline earnings are calculated in note 22, in accordance with the South African Institute of Chartered Accountants’ Circular
2/2015: Headline Earnings.
HEADLINE EARNINGS PER SHARE
Headline earnings divided by the weighted average number of shares in issue.
OPERATING MARGIN
Operating profit expressed as a percentage of revenue.
RETURN ON CAPITAL EMPLOYED
Operating profit excluding exceptional items, expressed as a percentage of average capital employed, excluding capital work in progress and including cash as part of net debt.
DEBT TO EQUITY
Long and short-term borrowings divided by equity.
NET DEBT TO EQUITY
Long and short-term borrowings less cash and cash equivalents divided by equity.
CAPITAL EMPLOYED
Equity, minority interests, deferred tax, long and short-term borrowings and provisions.
TOTAL LIABILITIES
Long and short-term borrowings, provisions, trade and other payables and derivative liabilities.
